Bank lobby lays out sector’s contribution to government coffers

The Australian Bankers’ Association has issued a lengthy report outlining the tax contribution paid by the sector to government coffers in recent years, as it steps up the battle against South Australia’s newly announced bank levy.

The state tax, unveiled in the Labor state government’s budget, piggy backs off the major bank levy signed into law by the Turnbull Government last week.

While the federal tax is forecast to raise $6.2 billion (£4 billion) over four years, South Australia is expected to reap an additional $370 million (£290 million) from Commonwealth Bank, Westpac, National Australia Bank, ANZ Banking Group and Macquarie over the same period.